In the above table, if the firm sells 5 units of output, its total revenue is
A) $15.
B) $30.
C) $75.
D) $90.
C
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Zero economic profits would most likely exist in which market environment?
A) Pure monopoly B) Oligopoly C) Perfect competition D) Any market structure riddled with uncertainty E) None of the above.
Juanita worked for a defense contractor in the United States. During the 2008 recession, the government cut spending and Juanita and ninety-nine others were laid off. In such a case, the unemployment Juanita is experiencing is _____
a. cyclical b. structural c. seasonal d. frictional e. voluntary
In the case of perfectly inelastic demand, the demand curve is:
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.
Economists assume people behave rationally, which means that people
A. have the necessary information to always make correct decisions. B. never make a mistake. C. always understand the consequences of their decisions. D. do not intentionally make decisions that make themselves worse off.